ISLAMABAD: The Federal Board of Revenue (FBR) has collected net revenue of PKR 489 billion against the target of Rs483 billion in the second month of the fiscal year 2022-23.
According to a statement released by tax collection body, FBR has collected net revenue of Rs489 billion during August 2022, which has exceeded the target of PKR 483 billion against PKR 448 billion collected during the same period last year.
These figures will further improve after the book adjustments have been taken into account and these collections are the highest ever in the month of August, the revenue board said in a statement.
According to FBR, the performance is a reflection of FBR’s resolve to build on its growth trajectory despite floods, zero rating on POL products, and import compression.
On the other hand, the gross collection increased from PKR 462 billion during August last year to PKR 526 billion, showing an increase of 14%.
The statement read that significant revenue increase in August is largely the outcome of various policy and revenue measures introduced by the government in Finance Act 2022.
“There is a visible focus on taxing the rich and affluent. Owing to this paradigm shift, the growth in domestic income tax is almost 38% which is a remarkable shift towards direct taxation,” it added.
Total taxes collected during July and August stands at Rs 948 billion against the target of PKR926 billion, FBR added.
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